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closing the day to the down side after citi found its estimates, jpmorgan apbank of america, a decline in trading revenues. they're spiskly saying 15% to 20% decline if fic revenues, which is much more bearish than the street. traders from around the desk, you were bullish and pete, yesterday we highlighted that you're buying in. >> i love the activity and it was institutional. this wasn't small activity. we're talking about yesterday trading over 800,000 contracts. a lot of that involved with the january 15 calls and rolling out to these february 16 calls. now, i know steve has talked about he has not seen the money come manage to the financial area and he can highlight more of that. i'm seeing it in the options area and this year so far, people are starting to use more and more in the way of leverage trying to go with the options route. i can't speak for the stock side of it, but the options side, the other day we traded 19 million contract, 17 million contracts, today 14 million contracts. the volumes are there to assume t support the idea there is real money driving the markets. i
journal report," the state of america's waistline and how it weighs down our economy. >> america has gained more weight than any other country in the world, and we estimate it will cost $1 trillion. >> my exclusive and wide ranging conversation with philanthropist michael millken. and advice for paying down debt and what you need to know about the upcoming changes to credit card laws. it's important consumer news and as we take a break, take a look at how the stock market ended the week. >>> michael milken is a legendary financier who began his career on wall street in the 1970s. now the chairman of the milken institute, i spoke with michael milken recently in a rare interview. we talked about health care, the credit markets and the state of the u.s. economy. i want to ask you first, broadly speaking, what your thoughts are on the economy. you speak to a lot of business people at the milken institute. what are you hearing in terms of the economic recovery today? >> i think it's slow. job creation is small in medium business, as it always is. and they are hesitant right now to invest
intel's effective tax rate last week. who can they go after? isn't corporate america is only target they have left? >> that's right. this administration doesn't want to tax individuals in any way with a 10% unemployment rate. we have 135 billion dollars of expiring tax provisions that absolutely have to be extended before the 2010 election. they will continue to try to go after corporations. it's going to be a lot more difficult if scott brown wins. we're setting up for a big tax bill the market has not realized will lower taxes on individuals, raise taxes on corporations in the middle of 2010. >> dan, wapt to get your time frame. in the health care sector you like humana. that's run nicely in six months. is that still a buy if brown wins? what's the time frame? >> speaker pelosi insists she'll move something on health care. let her try to fail. there are not 2818 votes in the -- 218 votes to pass the senate bill. it will take days to fail. then they have to come up with an alternative slieolution. i think eventually they will come up with something. it's probably going to take two
was inevitable, that america was always destined to succeed. but when the union was turned back at bull run and the allies first landed at omaha beach, victory was very much in doubt. when the market crashed on black tuesday and civil rights marchers were beaten on bloody sunday, the future was anything but certain. these were the times that tested the courage of our convictions and the strength of our union. and despite all our divisions and disagreements, our hesitations and our fears, america prevailed because we chose to move forward as one nation, as one people. again, we are tested. and again we must answer history's call. one year ago i took office amid two wars, an economy rocked by a severe recession, a financial system on the verge of collapse, and a government deeply in debt. experts from across the political spectrum warned that if we did not act we might face a second depression. so we acted. immediately and aggressively. and, one year later, the worst of the storm has passed. but the devastation remains. one in ten americans still cannot find work. many businesses have shutter
of the financials. you follow bank of america very closely. what do you make of this uncertainly here. it's not just the uncertainty when it comes to the banks, but it really puts us at a test here in terms of the s&p and price action. >> you know, the banks are obviously a really important sector of the overall market. i think that it's hard to -- you don't want to panic out of them. i don't want to have a very reactionary response to what i thought was very reactionary policy. and we've seen this week how ultimately that might not come to pass. remember, health care, all the pomp and circumstance surrounding health care reform, all the populist rhetoric there. we're seeing the same thing here. i don't want to panic out here, but you don't love it when the government is going against your holdings. i'm feeling like there's a firing range and, you know, some of my positions seem to be targets at the moment. i don't really love that environment, but i'm not panicking out. this is why we own leaps in bank of america. >> give us a trade school. what does that entail. >> a leap for us, we own the 15s ou
the long term. >> bank of america is a recovery trade. i am still long bank of america but you have to get back to a normalized earning statement. it is all the same. but when you downgrade the brokers people can write. bank of america, their consumer lending franchise is extraordinary. it is a very different model. >> they were gaining bids this morning. people were buying bank of america and selling j.p. morgan. >> is that why you are long bank of america? >> exactly. what i have done is sell comerica. they do not have the same business model as bank of america. i could see the buyings in crude are much less. that is why i am a seller in that exchange. >> you probably saw it there on the floor of the stock exchange. >> and at one point today we saw something that i have not seen in the last few years. gold futures had more futures than oil futures. i have not seen that in a long time. >> what does that tell you? >> that an exchange that is so levered to oil futures, that's what made me sell ice. then we got the news of ups. raising their buy-ins. they are able to raise their shipping rat
news. they even got a big contract. to help bring out gold in latin america. a winner, not a loser. i don't want you selling any of that. now, mohammed ali. time to file away the past as the immortal spice girls said. i'm kind of like -- which spice am i like most? moron spice. the market's throwing a sale. you should be shopping for sales. not run away from them. "mad money" will be right back. >>> coming up, catching fire? as the detroit auto show kicks into high gear, people are asking what will fuel the cars of the future? cramer goes one on one with clean energy fuel ceo to find out on the executive decision. >>> plus, job start. not all auto suppliers are created equal. cramer takes three for a test drive and pits their fundamentals against the technicals to pick a winner. on an all new "off the charts." >> later, stay tuned as we crank up the volume. cramer goes all out as the calls keep coming in. try to keep up on a high impact "lightning round." all coming up on "mad money." what are you doing...? calling chase sapphire, seeing if we have enough points to stay longer. now? y
today in wells fargo and bank of america, unlike stocks here, lady gaga plays with an open hand, not a poker space, makes me suspicious of the bear argument, real estate and credit, right? how often do we check in and hear how horrible those are? and it's true. wells fargo has a tremendous amount of the variable rate mortgages at the heart of the shadow inventory numbers. wells fargo is concentrated in california, the worst market. defaults during the period that it underwrote most of the paper, bank of america, a slew of this bad paper. so here's the issue as i see it. this is what's key for you. if the stories of shadow inventory from foreclosures are 100% right, if the default stories are 100% right, then there's simply no reason, right, no reason these stocks are going higher. none. the stocks should be going down every day, they should be lower, much lower. i don't care how much capital they have to raise. it's just not logical if the horror stories are right. so then i kochl back to this logic, spok. how long is the market? i know for short periods, the market can be dead
and in the commodity area there. bank of america, they had a loss of 60 cents. that was a bit larger than a consensus loss of 52 cents. the bottom line is pretty simple. credit is slowly improving at bank of america and many other banks. that's what the -- what most traders were telling me this morning here. also, wells fargo also reported a profit here. a little bit better than expected but loan loss reserves were reduced as well. trader scott, how are we looking at the nasdaq? >> we can open a few points to the downside. that's what the remarket indicator is showing. take a look at big cap technology stocks. most are showing modest losses in the premarket but we're focused on apple down about 0.5% as there is a report it's talking with microsoft about making bing the default search engine on the iphone replacing google. you have microsoft shares still under pressure this morning. google down as well in the premarket. across the board really oracle, intel, and research in motion are all to the down side. certainly there is a lot of focus on technology stocks today in the wake of the b
that the service industry grew less than forecast. [ baby crying ] that's america's most important industry, for heaven's sake. we got data from the employment service showing jobs still aren't coming back. no doubt a prelude to the all-important, hey, i be the cliche king, employment report. it could truly stink up the joint. the fed in its cryptic minutes -- >> they know nothing! >> said the economy in 2010 will be subdued. a total bummer from uncle ben. i want to witch to minute rice. google smartphone. doesn't seem so smart after all. dummkopf phone. like a rotten granny smith. these are the two important stocks out there. and could sink a bull battleship when they go negative. looked like we would get mauled this morning. i sensed it. the bear was back. the market -- instead, i thought i see a slaughterhouse coming. if not slaughterhouse, maybe "slaughterhouse five." not this time. we're way overbought meaning there's been way too much buying, not enough selling, driving stocks up too far too fast. i consider it a greed indicator. i monitored this one like a hawk. and the markets overb
to work while helping america gain the lead when it comes to clean energy. it's clear why such an effort is so important. building a robust clean energy sector is how we will create the jobs of the future, jobs that pay well, and can't be outsourced. but it's also how we will reduce our dangerous dependents on foreign oil, a dependents that endangers our economy and our security. and it is how we will combat the threat of climate change and leave our children a planet that's safer than the one we inherited. harnessing new forms of energy will be one of the defining challenges of the 21st century, and unfortunately right now, the united states, the nation that pioneered the use of clean energy, is being outpaced by nations around the world. it's china that has launched the largest effort in history to make their economy energy efficient. we spearheaded the development of solar technology, but we fallen behind countries, like germany and japan, in producing it. and in almost all of the batteries that we used to power our hybrid cars are manufactured in asia. though the steps like the one t
line on bank of america, although the number came in a little bit below expectations, 60 cent, the credit trends are clearly improving a little bit. that's what's important here. we also of course had wells fargo. their numbers beat expectations but still got a lot of real estate problems out there from the old wachovia deals. how about the hmos here, yes, certainly any kind of confusion on the health care reform issue probably would benefit hmos, but in the general market, weakness after a couple of nice moves to the upside, they ended up close to the lows for the day. maria, back to you. >> bob, thanks very much. meanwhile, technology took a beating today despite ibm's strong earnings report. scott wapner manning the nymex for us. ibm set the tone, didn't it, scott. >> reporter: absolutely, maria. selling on the news is what we're seeing again. take a look at intel, for example, that stock had much better than expected earnings. the stock sold on the news. ibm, pretty good earnings as well. stock sold on the news. take a look at what the nasdaq's performance was today in tho
are the financial, morgan stanley, of course bank of america, all down 6%, 7%, 8% on the week here. american express had their earnings out, that's not helping them today, look at that, down 8%. capital one also down noticeably and then you've got the earnings situation. other stocks. schlumberger had their earnings out, a few days, for schlumberger. the bottom line is they're charging lower prices for their oil services and of course their margins are under pressure. stocks are selling today on the earnings report. and then you have the tech situation, which is a very difficult time right now, because they all ran up ahead of earnings season but they're not doing that well. you've got citigroup coming out, downgreeding the whole semiconductor capital equipment group, so amat, teradyne, that group is all under pressure right now. let's go to rick santelli standing by in chicago. enough for you to digest there, rickster? >> reporter: i asked everyone around me what the word of the week was, and the word of the week was, unanimous, confusion. that an uncertainty, i guess that was the tie for second. s
as well said delinquencies fell in december and chargeoffs continue to rise and bank of america, you see it in the bottom of your screen down 3% as well. even though intel had better-than-expected earnings and it's a sell on the news picture today because you've seen the semiconductor index weigh on the major averages as well and some of those chip names like texas instruments almost to the downside. teradyne as well. amd is bucking the trend even though it's a fractional move to the upside. fertilizer stocks i continue to watch those. we'll continue to watch both of those shares. agrium to the down side by more than two bucks and potash is having a pretty good day as the price target was raised over it, rbc. take a look at some of the office supply companies as they're focused around a modest recovery, if you will in the job market, and i mean modest. it was upgraded by j.p. morgan to overweight from neutral. in the labor market you've seen staples and office depot rising on the back of that as well. schlumberger was raised to a buy over at jefferies and then kellogg was upgraded to a b
moving forward. >>> nice start to the new year for two new bank ceos. shares of bank of america and morgan stanley trading higher today. details on the new leadership. with fidelity, you can take your trading around the world, because now you can trade u.s. and foreign stocks online, in 12 markets, 24 hours a day, all from the same account, and settle in u.s. dollars or the local currency. plus, we'll guide you with international research and realtime quotes, so you can diversify your portfolio, wherever -- whenever. and we'll be on call around the clock, while you trade around the globe. fidelity investments. turn here. >>> welcome back to "the call." traders decided to start 2010 being long commodities. we are seeing a buying three here across the board. oil prices up nearly $2. $81 barrel. gold prices up $27. and what's fueling all of this is the strong economic data. strong ism numbers here and china's manufacturing growing at the fastest rate in five years. add to that the cold temperatures we are seeing and you see the tear we are seeing here in some of the winter fuels he
by deposits, and that would be more of a goldman sachs versus a bampnk of america or morgan stanley versus jpmorgan. hey, if you want to have this risky kind of structure you're going to pay a tax on it. that's not that dumb actually. so i think it would be -- for those guy, for a goldman sachs, it's more punitive, even for citibank, more punitive than bank of america or jpmorgan. >> right. and oppenheimer said that today. jor man stjpmorgan would feel i. the biggest impact could be on morgan stanley. >> i still haven't done anything against the position. i still like morgan stanley going forward. the xlf, it almost shook me out the other day. got towards the 15 level. continues to hold on. i like the way the reaction is. and u.s. bank this thing has been such a stellar performance. since it got upgraded last week, it was $23, now over 25. they've been buying put protection way out into june in that stock. you've just got to like when this stock is going up in a negative tape, up in a positive tape. the reaction has been phenomenal. >> i added to our bank of america position today through
. they are. s and what's interesting is american company were populated by people not all born in america. certainly the immigration policy in this country needs to be more enlightened in the time to come. >> very good point. now, quloun lo when you look ats are you sometimes surprised -- the actual volume of stocks of trading is not as strong as you would think given the fact that there are probably more opportunities and more issues coming? what's with the american people? do they not understand how ferrets come to trade stocks in america? >> certainly fair to trade stocks in america. the volumes are at a strong level but we expect them to increase in 2010. 2008 was a shock to the system about in 2009, people coming out of the shock. we saw increased strength as the year waxed on. we think the trend line willen in 2010. >> one thing i hear constantly is that wall street doesn't give main street a shake. you and i have been around for a long time. has it ever been more fair to trade nasdaq stocks than it is right now? >> no, it has not. understand our market is transparent, it's visible,
checking email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access  now get a free 3g/4g device for your laptop. what are you doing...? calling chase sapphire, seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right here... go to chase what matters. >>> tonight on "the kudlow report," breaking news. nothing happened on the financial commitment in washington, d.c. more breaking news. the financial crisis is over. it's been over for at least six months. and another news flash. bank stocks went up 1.5% today, pr
. >> there is a bull market somewhere. >> you can't afford to miss it. > hey, i'm cramer. welcome to cramer america. a lot of people want to make friends. trying to save you some of money. my job, to entertain. call me. never get complaisant. always challenge your thesis whether it's positive or negative. look for evidence that could improve your perspective. that's what i always do because you know i'm not always positive on this stock market right now. not at all. with the averages, dow down 53 points, s&p 500 up nearly 1%. and most important, the nasdaq -- fire in the hole -- down 32 points. hey, all that bears me out, doesn't it? the pun's intended. right now my view is things are going wrong and they're going wrong bad. why? because stocks have to pass through the seal of the president of your 401(k) and the grip of a chinese government. mandated slow down. that means everything from apple to amazon, from bank of america to caterpillar must go through a gauntlet and this gauntlet is worse than that of clint eastwood. in the classic film of the same name. what happens if one of those loses its
. we'll tell you how to get america back to work tonight. and here's a hint. destimulate. that's right. remove all the high tax, regulatory, and spending obstacles coming out of washington that are stopping business job creation. >>> plus, president obama wants to spend $2.3 billion to stimulate 17,000 green jobs. are you kidding? that's $135,000 her job. ridiculous. let us keep our own money, thank you very much. so we now have nine reasons why the jobs report is real bad news for the democrats come november. you know corporate profits are up strong, so are stocks. nearly a 3% gain for the broad stock market index this week, but washington is making it too lostly to create jobs. that has to be changed. and finally kudlow hotline. we will take your calls. profits are up. jobs are down. washington has to get out of the way. fasten your seatbelts everybody. the kudlow report begins right now. good evening, larry kudlow. we believe pre-market capitalism is the best path to prosperity and tonight we'll talk about how to get america back to work. jobs, jobs, jobs. president obama announced
into international investment. >> i don't like america's team. >> caller: at least in part because the business climate is better in those countries than it is in the united states. >> right. >> caller: but my question is, if other countries are so much more attractive and business friendly than the united states currently, should we have even greater 20% --? >> i waffle over this. 20% is foreign. 10% is gold. that leaves 70% for united states. i am not giving up on this country. we have a lot of great values. remember, many of the s&p stocks and most of the dow stocks are international companies. they will take advantage of exactly what you're talking about. 20% overseas is very high. probably the highest of any money manager i know. that's how far i'm going and not a percent further. i need to go to mitch in south carolina, which i call carolina. mitch? >> caller: hi, jim. got a big-time boo-yah from charleston, south carolina. >> man, you've got that charleston university boo-yah. everyone's crazy about that school. go ahead. >> caller: -- around $40 a share just before the recent push. curr
in consumer businesses overseas especially in latin america and asia. however, the bank expects the north america consumer business to be hindered in the months and possibly in the next few months by new credit card legislation. a beautiful assets designated to be sold lost over $2 billion as asset sales and markdowns cut total assets of the pool by 2k4rr7 0 billion. the ceo, vikram pandit is speaking to analysts and press as we speak. i'll have an update coming up in just about 20 minute, but first let's go to bob pisani at the new york stock exchange. bob? >> mary, good to see you. boy, that senate race in massachusetts is the primary topic of conversation on the trading desks right now and that's because it could upset the political balance and influence health care legislation. take a look at hmo stocks and they're trading on the upside. why would they tread on the upside with health care reform, less competition and res regulation out there. >> humana is up nicely and they have a big medicare advantage program. look at other side of this. the hospital stocks have been under pressure
that time frame of longer 2011-2012 and that's what every bank in america wants to be in. they're the only one. >> jim, good to see you again. >> good to see you, partner. >> thank you very much. watch the show 6:00 and 11:00 eastern tonight. that's it for "street signs." thank you very much for watching. "closing bell" begins in just a moment with an all-star cast from here, davos, and indeed cnbc's global headquarters. from this team thank you for watching. stay tuned for the big one. >>> history or hype? is the month of january really a good predictor of stock market performance and what should investors do based on this month's trade? live from the new york stock exchange, this is the final and most important hour of the trading day. >>> and good afternoon, everybody. welcome to the "closing bell." iful scott wapner live here on the floor the new york stock exchange. michelle? >> hi, scott, i am michelle caruso-cabrera at the cnbc global headquarters. ge is wrapping up on a downnote. as january goes, so goes the rest of the year. but here's some contradictory stats that might help you
of america, a real laggard, down. chip stocks, this is classic sell on the news as intel had much better than expected earnings after the bell yesterday, though texas instruments, teradyne and advanced microdevices which was positive earlier in the session has since turned negative. let me show you commodity stocks as well because it's a significant story. gold itself was down a dollar today. excuse me, oil was down $1 and as a result, those stocks and other commodity-related stocks are to the downside as well. let's head up to the nasdaq now and mike huckman. >> thanks, scott. in addition to the strocker dollar, the reason we're now 1.3% or almost 30 points lower here at the nasdaq is because the chips are down. we're talking a 3% loss in the philadelphia semiconductor index. of course, it's intel that is leading wait lower here, down 2% right now despite the fact that the company hand ily beat the street. novellus is down 3.5%. the lone exception in the chip sector is qualcomm, perhaps on a relatively bullish shoutout on "squawk box" this morning. then we have the j.p. morgan-led weakness i
was consumer credit. that will be a very telling thing for bank of america. that's the most important driver, bank of america, consumer credit. i didn't love the rhetoric. maybe i was a little lubed up. i had jp morgan calls. they went to zero today. not a stellar feeling. i do think, though, as tim said they're really well reserved. maybe even overreserved. probably over-reserved. it's the delinquencies that stabilize. that's one of the most important metrics to me. delinquencies are future problems down the road. chargeoffs were already problems. they were in the bucket that would likely, you know -- trouble. >> it's the credit cards. it's the stuff on the retail side that seemed to have everybody talking about the caution they were looking forward. they have this money toward the loan loss reserves but everybody wants to know when are we going to see the dividends come back. not in the first quarter, somewhere toward the middle of 2010. they did allude to the fact, and to your guys' point, there is so much money there. they're talking about potentially 75 cents a quarter. there's a lot of
viewers to understand is the fact that total debt in america is, in fact, the not dproeg. it's a widely spread belief that all debt in america is growing out of control. in reality, the private sector is contracting faster than the government is spending and i think this is reducing the amount of dollars in circulation. when you reduce the supply, you drive up the price. >> very interesting, emil. we're going to leave it there for now and you'll be with us throughout the hour. right now, let's get you caught up on some of the big stories we've been following around the globe. president obama's chances of passing health care reform suffer a major setback as scott brown, republican, wins the senate seat held by ted kennedy in massachusetts. democrats may not have enough time now to resolve differences between the house and the senate health care bill and get new cost estimates before brown is sworn in. that leaves house democrats with the unpalatable option of trying to pass a senate bill that many disagree with. that stinging defeat in the senate comes on the one year anniversary of pres
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to amazon, from bank of america to caterpillar must go through a gauntlet and this gauntlet is worse than that of clint eastwood. what happens if one of those loses its ability to crush us? remember, if you challenge your thesis, the stock that is passing through the strait has gone down enough to be considered a comeback name. it's a blood letting to turn bush. and that's precisely what we'll be looking for, evidence in next week's game plan. i think it's possible that the stocks and health care stocks could soon reach the point where obama can't hurt them anymore. the financial space is going to go higher because perhaps we've reached the peak of populous political antibanking certainty where we no longer worry about mankind being crucified on the cross. there's only so low you can demagogue this. as for health care, even though barack obama didn't back down, it's not obama that matters. it's congress. and in congress he simply doesn't have the votes. so there's two areas where the stock sailors may be able to escape sill l lalaa. ah, but the karibdas, that is a different story. that is
, exxonmobil, total and petrobras down. oil down. financials mostly weaker. bank of america being sued by the s.e.c. the obama administration considering a tax on some of the big banks. i don't need to tell you what the result was on those stocks. citigroup, bank of america, j.p. morgan chase and wells fargo under pressure. the market seemed to come off lows around the lunch hour. aetna reaffirmed the '09 forecast but sees 2010 eps modestly lower than 2009. the market seemed to take a leg lower. kb home slid today. it wouldn't make any money in the first quarter. the hartford is to the upside. it had a pretty good day as it raised its outlook. tiffany this san interesting story, a good story. global holiday sales up 17%. raise the outlook. as you see from looking at your screen, the stock was down. part of the reason could be tiffany has been performing well. the stock has been up more than 100%. >> fantastic performer. you are right. thanks, scott. >>> the weak start to earnings season being felt at the nasdaq with the index having the worst day in seven weeks. matt nesto is manning the market
email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access >>> let's take a look at the other business headlines on this takeover tuesday. four month hostile battle between kraft and cadbury comes to an end. $19.5 billion in cash and stock after kraft agreed to inject more cash and less stock. it is unlikely hershey will step up and make an offer. tyco international is buying broadview security for $1.9 billion. the deal previously known as brinks home security $42.50 a share, 39% premium. tyco plans to combine broadview with adt. met life is in final discussions to acquire aig's alico unit. they would pay $15 billion for that business. federal reserve chairman ben bernanke is asking the government accountability office for a full review of the bailout of aig. coming up, we hear from one former fed official who says this is bernanke's way of calling for
, very busy day today on wall street. we'll also tell you how corporate america is responding to the crisis in haiti. we're also waiting on intel's fourth quarter earnings report, which may very well set the tone for tomorrow's trading session. cnbc's silicon valley bureau chief jim goldman right new on the outlook for intel. jim? >> reporter: maria, 30 cents a share, $10.2 billion. that's the expectation that wall street is looking for when intel reports in justa i few minutes from now, but wow, are investors looking for something good. bidding these shares up by better than 2% today. and look at the volume on this company. well over 100 million shares traded. average day for these guy, 60 million. it's all going to come down with guidance and what they're looking for as far as q1 and q2 are concerned. those numbers, eminent, but ten minutes away. maria, back to you. >> jim with the latest there. a day on wall street today and a pretty good day as far as the markets are concerned. the dow jones industrial average finishing up about 30 points. it was off of the best levels of
. these are american companies. >> they are. these american companies were populated by people not all born in america. >> now, when you look at this, are you sometimes surprised -- the actual volume of stocks of trading is not as strong as you would think given the fact that there are probably more opportunities or more issues coming. >> certainly fair to trade stocks in america. the volumes are -- in a strong level, we expect them to increase in 2010. in 2009, people coming out of the shock. we saw increased strength as the year waxed on. . >> one thing i hear constantly is that wall street doesn't give main street a shake. you and i have been around for a long time. as it ever been more fair to trade nasdaq stocks than it is right now? >> no, it has not. understand our market is transparent, it's visible, it's actionable. so clearly, these markets perform well. through the credit crisis of 2008, our issue is the vast amount of transactions we're handling. >> we' been recommending endlessly, am an google. these are stocks that are expensive. there's a time you had a $600 stock and it would be $600 t
to keep america ahead when it comes to innovation. but first, let's check out what investors are gearing up for as we enter the important employment report part of the month. we're getting those numbers tomorrow. simon hobbs is at the new york stock exchange looking at that angle. hi, simon. >> reporter: hello, maria, looking good there. it is amazing. a lot of people are suggesting that this is the year of stock picking and boy pick the stocks like ge, up over 6%, courtesy of jpmorgan. bank of america up over 4%, courtesy of credit suisse. it's market wants to rally where it sees opportunities. general dynamic awaiting the employment report tomorrow. don't need ne tell you about it. everyone is talking about it. the latest from reuters consensus is no change on that december report tomorrow. we thought we'd get on average on a consensus estimate a loss of 8,000. later in the program we will talk to one of the most upbeat people within wall street who believes you could actually get a gain of 100,000. take you through the market indices first. the market really lacking direction after th
jones and the s&p. individual stocks doing very well on the upgrades today. be that, ge, bank of america and the retailers also. employment report critical tomorrow. "closing bell" continues. [ closing bell ringing ] >>> and it is 4:00 on wall street. 1:00 p.m. here in las vegas. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo. today, come to you live from the consumer electronics show in las vegas. coming up in the hour, we'll continue our look at the hottest trends at one of the most important technology trade shows in the country. plus, from an investment standpoint, tech has been leading the way. we'll talk to some of the industry's most innovative minds. dreamworks animation ceo jeffrey katzenberg among them. he'll give us his vision for 3-d entertainment. he was with us last year and he predicted it would be the hot trend. plus, pure digital technology ceo jonathan kaplan with me giving us an inside look at the future of sharing home videos. all of that a head on "closing bell." >>> a look at the day on wall street. we had fur
america sales trailed. i'm joined exclusivee by the chairman and ceo with lew frankfort. the company reports that three cents better than analyst's expectations, actually, revenue up nearly 11% for the sales part of the business. what went right last quarter? can you characterize the last three months for us. >> i think everything went right. we actually put into place a whole series of initiatives. new collections, such as poppy. a rebalance assortment but more compelling price points. acceleration of openings in china and on our supply chain was able to deliver with a lower cost. so overall we had a very strong quarter. >> so why do you think the stock is under such pressure today? people are talking about north america sales in the second quarter trailing some expectations. was north america weaker in some parts of the world in your view. >> around the country grew 11%. and overall growth in our coach stores grew 16%. so we feel really terrific about the reinvigoration of our north america sales and we actually achieved about 3% comps, which was the first time in five quarters tha
with a bailout fee. we are going to continue reaching across america for reaction and fallout over the next couple of hours, what it means for financials, investors and how this is playing out on main street. you can't afford to miss "power lunch," is all over this red-hot issue. >> indeed we are. i'm sue herera. our partner michelle continues on assignment. stocks are steady despite weak economic data and intel trading ahead of the 52-week high ahead of earnings and oracle among the winners as well. that software giant trading at levels we haven't seen since february 2001. >> i'm dennis kneale, our power player, lee gallagher from fortune magazine, and an old colleague of mine. she's also been on a volunteer trip to hate and i we will get her insight on the makeup of the country at a terrible time. >> let's get now to -- welcome, leigh. we'll get you involved here as we always do. >> great. >> our top story is is the president hitting the big banks with that so-called t.a.r.p. tax. it is part of the administration's plan to recoup every dime of taxpayer bailout money. john harwood joins us
, expire friday and bank of america and i think that this -- you know, it is a good time to be in the banking business. aside from all of the noise. i really think it is noise. crescendo of bad news and bonuses and all of that. i think that noise at the end of the day, earnings. we will see what they can earn. that will drive the stocks. >> commentary of analysts the commission hearings weren't like a witch-hunt, language being used is sort of civilized. held up nicely. that implies banks today on the back of the outcome of the commission hearings. and that implies that was an overhang going into the hearings. >> i think it was. inquiry -- commission was actually one of the better things for the financials. momentum has been down now. kind of like the bengals/jets game last week. everyone expected the bengals to come out and scored a touchdown. you know what, the jets hung in there ask won the game. same thing happened today. the commission in the begin looked like they were winning and the -- wall street gang hung in there. very well. i thought. and the market recognized
networks bravo and oxygen. "the wall street journal report" begins right now. >> this is america's number one financial news program. "the wall street journal report." now maria bartiromo. >> here's a look at what's making news as we head into a new week. president obama is proposing new regulations to restrict the size and activities of the nation's largest banks. the broad guidelines will require congressional support and would put in a stricter limit on risk-taking by the banks. the changes would prohibit banks from owning or investing in hedge funds and halt proprietary trading, which is trading that uses depositor money in trades by the bank for the bank's profit. strict new limits on the size of banks would also be enforced. the news sent bank stocks and most of the market tumbling on thursday to the biggest one-day drop since october. a second straight day of triple-digit losses. earlier in the week the market hit a 15-month high. the markets fell again on friday. we are in the thick of earnings season, and there is a growing list of companies that beat expectations. ibm computed a
to independence is the spirit that drives america's most successful investors. announcer: trade commission free for 30 days, plus, get $100 cash when you open an account. >>> time now for the final call and it is the last word from options pit. scott, kick it off. >> we have a lot of earnings' announcements coming out. make sure you know what you have on. google risk, i like dan's put spread collar. >> dan? >> i also like the put spread collar, i like it for the stuff that annoyed me about how they gave their information this week. >> self-endorsement, love it, mike? >> we're seeing an opportunity where you can do things like buy cost spreads and you're not paying too much to do it. look for that. >> it looks like our time has expired. for more "options action" go to our website. i'm melissa lee. thanks for watching. see you back here next friday. have a great week. ever want to look over the shoulder of a seasoned stock trader? well, here's your chance... i'm running strategy desk from td ameritrade to set up a trading strategy based on how i think the market's trending-- right
peter beinart, daily beast, senior fellow new america foundation. we have the "wall street journal's" steve moore. mr. moore will change the title if scott brown wins tonight. and on the program for the first time, robert take sracinskitrac. i want to go to peter beinart. i laid out the issues as i saw them and i want to get your reaction to my money politics message this evening. >> i think what you didn't include is the fact that when you have 10% unemployment, people are very angry at whoever is in power. in 1982 when up employment was very high and your pal, ronald reagan was in power, the republicans got sha lacked. obama is significantly more popular in massachusetts than all the republicans in congress. nationally his approval rating is still 50%. people are upset because the economy is so bad. if the economy recover, then obama's political fortunes will recover. >> but steve moore, imso taken by this scott brown message which is a combination of supply side tax cuts and the new pea tarty populist movement which we have talked about at some length. we'll get bob tracinski in
the securities and exchange commission, and its ongoing legal dispute with bank of america. basically, now the s.e.c. is asking to add new charges to the lawsuit dispute with the bank of america regarding merrill lynch's extraordinary losses, not being disclosed in time before the shareholders to act on the vote of the takeover. last august the s.e.c. sued bank of america per not disclosing to shareholder voting on the takeover that it intended to pay more than $3 billion in bonuses to merrill lynch employees. that they had a settlement, it was thrown out. a new trial is scheduled to begin on march 1st. bank of america, in a response to this latest request by the s.e.c., calls it an 11th-hour move, and says it will hinder its ability to prepare a defense in time for that march 1st trial. maria. >> all right, hampton, thanks very much for the angle on that. >>> meanwhile, we've got breaking news today and we will have it for the next several weeks in terms of earnings news coming out, alcoa kicking off the earnings period for the fourth quarter after the close tonight. we're waiting on that repor
stanley. the new bank of america ceo brian moynihan. coming to washington just as record prochts and record bonuses are being announced almost daily on wall street, while millions of americans are unemployed, and small businesses in particular complain about the lack of lending and a credit crunch. now, congress gave this commission a mandate and subpoena power to look at nearly two dozen issues related to the cause and effects of the financial crisis. in the first two days of the hearings, we'll not only hear from the top bank executives, but officials leading major federal and state investigations. as well as leading economists. >> i have just a couple quickies. this is republican and democrat run. >> yes, six democrats, four republicans. >> i want to assume and even think this is not a soviet show trial. they're not just going to bash the bankers. they're really going to go through an investigation, exploration, analysis, sort of like the 9/11 commission years ago. because we don have a consensus in this country on exactly what and why it all happened. we really don't. >> that
against bank of america as the two plan to go to trial on march 1st over bank of america bonuses. s.e.c. says basically, you know what, bank of america should have revealed the merrill loss es. to bank of america before that deal was finalized. bank of america not impacted with that news. finishing with a gain of just over 1%. highlighting campaign manager comments coming out of the jpmorgan health care conference. coming from the ceo jamie dimon. a number of things, including compensation on wall street, that -- saying that there is no question the compensation was excessive and exacerbated. mr. dimond also said no company is too big to fail and of course need a major overhaul of the financial regulatory system. something that he's been saying for quite some time. we're watching jpmorgan because it reports its earnings on friday as well. >> thanks very much, mary thompson. break down the trading action that we've been seeing in this session. joining me with a look of what is another business day is executive vice president and chief investment officer with harris private bank. alon
will be the ten-year treasury yield and what oil does. >> let's move on to the next trade. short america's favorite stock? that's what one of our "fast money" friend says. scott redler says the trend line in google is, in fact, broken. stay away until it reaches the 50-day moving average. who thinks he's nuts? >> that's nuts. >> i like the name. i bought more today. >> you did? >> i do. i feel like could it trade down? yes, it could. i don't know where it's going to go in the short term, but to me the story is absolutely intact. i don't think the phone is the story here. i think that it is, you know, we're going to see growth in advertising. goog sl rigle is right there. >> in 2009, there were five stocks that drove tech higher -- amazon, google, rimm. these are names -- you've seen major rotation going on. ridler or, you know, the joker, i mean, i believe that he's right. i think this is a very technical move. whether we go to the 50, that's an extreme call. 209 is probably more your bogey here, but i think he's right. >> money managers recognize to get involved in the google growth sto
that in the short term. in the longer term i like both of them. >> karen, you were long bank of america still. >> jp morgan i do have calls. not my normal -- three days left to go. i think it'll be a very interesting earnings report and set the tone for the weeks to come. big names like bank of america, it is a little bit different business model as joe is alluding to than goldman sachs. we'll have some clarity there. i think if those earnings provisions start to come down we'll really start to see earnings power. >> your calls specifically expire on the day they report. >> they report in the morning. the calls go in the afternoon. leaves me all day to pretend like -- >> i love it! >> look at the xlf. what we saw last week was the folks that were rolling out of january into february trying to buy a little time. almost had to pull the rip cord today. when you look at the xlf it actually did close above 15. morgan stanley actually didn't finish quite on the lows of the day. that was a little bit helpful. u.s. bank was the out lier that really stood out to me. yesterday the put protection buying. peopl
financial space. >> intraday tape on bank of america, you had a slim margin of time and you probably went in that moment because you talked about buying when it was basically unchanged where it was trading lower on the session. we heard midday oppenheimer raising estimate on bank of america to an outperform. you saw it move higher and highlighted why you were in the market. that is that the credit deterioration looks like it has peaked back in the second and third quarter as opposed to the expectation of the fourth quarter. that's why they were in there. they're saying normalized earnings now, now they can use normalized valuation when it comes to bank of america. quite a change from just a couple of months ago. >> also if you look at bank of america earnings, you have to like the investment banking contribution from merrill lynch. i don't know if people were factoring that in. that was present today in the earnings. >> guy? >> i think if you play hockey you have to skate forward and backward. if you trade you have to make money when it goes up and down. yesterday we said we
think it's short of breath. we can certainly do better without it in america. >> we welcome you back on the report, sir. thank you ever so much. >>> coming up, we delve in to the history of glass-steagall which is under pressure and we'll debate whether reinstating the rule is best answer to financial regulation. is mr. obama possibly right about taking the banks out of all these activities and is that real the problem as we try to get economic recovery and reduce the unemployment rate? and plus please catch john harwood, he's got first on cnbc interview with larry summers. that's on the cnbc special report breaking the banks. that will begin at 8:00 p.m. eastern. stay with us here in the kudlow report. but when you look a little closer... their story begins to fall apart. see, at&t let's you talk on the phone while you surf the web. [ clattering ] verizon...doesn't. at&t has the most popular smartphones and the nation's fastest 3g network. verizon...doesn't. [ clattering ] glad that's cleared up. oh, boy. [ male announcer ] at&t. a better 3g experience. get an exclusive pantech mess
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